GolfingDuo
Recycles dryer sheets
Hi 
I am new to the forum. A new friend introduced me to this forum as a help to me since we will be retiring in a few years. I guess a little introduction is in order.
My dear wife and I have been married for 33 years. We have one child a daughter aged 31 semi on her own (sorta). She is an office worker and a darn hard working one. She also manages her own (our business plastics manufacturing) as a sideline. She recently got hired in another company and that income is being used to make ends meet and to sock away even more to the nest egg that I will get to. We are 55 (she will be in 2 months) and getting close to retiring as my title states. I am Army National Guard, a veteran and a full time federal employee. What this means is I am vested in two pensions that I will disclose in a bit as well. Currently we live in the Commonwealth of Massachusetts. We own two houses. One our home with a mortgage and a rental property nearly paid off. As I said we also own our own manufacturing facility and business. Tough economy and competition from the Chinese makes it not very lucrative. Still it helps pay some bills and keeps some employed as well.
I guess that lays out most of the background. I am expecting to remain working for the Guard for the next 4 plus years. I have a mandatory military retirement age of 60 and my full time job depends on my continued employment in the National Guard. I could be retired any time as every two years they do a qualitative retention board. This could end my guard time and subsequently my fed time. While I do not expect it I am set if it happens. I reach my minimum retiremnt age MRA this year and I have 30 years of creditable service. That means I can begin to collect anytime after September this year and a supplement to take me to age 62.
Let me talk about what I expect from my pensions. At age 60 military pension will gross about $2,200.00. My federal pensioin will gross the same approximately $2,200.00. The suppliment I do not know but I suspect it will be approximately what I would be getting from SSA and that is almost $2,200.00. It is not SSA but part of the pension system. I cannot collect the military pension early so that will start at age 60. As previously said I believe my SSA will be $2,200 minus the pension offset. I will not be hit with the windfall penalty unless they change the rules. So far those number look good. We can add my wife's SSA that is just under $2,000 and as I said she is socking away in 401k to add to the nest egg. I kind of expect that by age 65 we will have grown about $100,000.00 in her retirement savings. In mine I currently have $416,000.00. This I hope will increase by the time I am ready to tap into it. That time is up for debate still. Based upon the above income I should be able to not have to tap it for a time even up to my mandatory withdrawal date. Again up to debate.
Our plan here is to move from our current home to downsize and move to a more tax friendly and nicer weather area. Texas is high on the list, actually at the top and San Antonio for specific reasons. That move will require the sale of our property and business. As of now I cannot say for certain what I will realize in gains on the properties. The home we should probably get our purchase price and half will need to go to pay off mortgage. That I expect to be about $200,000.00 to us after sale and pay off. The Rental property should be a full price as I think we are close to paying off the mortgage. We have owned it a very long time. We should get just under full value for the house and since we paid investor price for the house that could net 100% gain or very close. I expect another $200,000.00 for that. Again property values are still in flux and we are still talking 6 years hence. The business is completely unknown. The property is in the center of the city. It has 10,000SF of useable building. It is set up for manufacturing but can be switched over to any number of businesses if someone wanted. In a guess I will probably get $100,000 from that sale.
I am not sure what others have posted here for their first one and introduction but that is the GolfingDuo in a nutshell. I know one of the first questions I have here is how can I help set up my nearly on her own daughter for her later years. I do not expect to use all of this in the next 40 years. The pensions are vested so that even if I pass away my wife continues to collect. The nest eggs are for the most part pre tax savings so we will be paying as we withdraw I am certain.
So if someone has ideas on how to best help my only offspring that would be a great start. Our retirement will be travel and golf and work (just to keep active) for a while.
I am new to the forum. A new friend introduced me to this forum as a help to me since we will be retiring in a few years. I guess a little introduction is in order.My dear wife and I have been married for 33 years. We have one child a daughter aged 31 semi on her own (sorta). She is an office worker and a darn hard working one. She also manages her own (our business plastics manufacturing) as a sideline. She recently got hired in another company and that income is being used to make ends meet and to sock away even more to the nest egg that I will get to. We are 55 (she will be in 2 months) and getting close to retiring as my title states. I am Army National Guard, a veteran and a full time federal employee. What this means is I am vested in two pensions that I will disclose in a bit as well. Currently we live in the Commonwealth of Massachusetts. We own two houses. One our home with a mortgage and a rental property nearly paid off. As I said we also own our own manufacturing facility and business. Tough economy and competition from the Chinese makes it not very lucrative. Still it helps pay some bills and keeps some employed as well.
I guess that lays out most of the background. I am expecting to remain working for the Guard for the next 4 plus years. I have a mandatory military retirement age of 60 and my full time job depends on my continued employment in the National Guard. I could be retired any time as every two years they do a qualitative retention board. This could end my guard time and subsequently my fed time. While I do not expect it I am set if it happens. I reach my minimum retiremnt age MRA this year and I have 30 years of creditable service. That means I can begin to collect anytime after September this year and a supplement to take me to age 62.
Let me talk about what I expect from my pensions. At age 60 military pension will gross about $2,200.00. My federal pensioin will gross the same approximately $2,200.00. The suppliment I do not know but I suspect it will be approximately what I would be getting from SSA and that is almost $2,200.00. It is not SSA but part of the pension system. I cannot collect the military pension early so that will start at age 60. As previously said I believe my SSA will be $2,200 minus the pension offset. I will not be hit with the windfall penalty unless they change the rules. So far those number look good. We can add my wife's SSA that is just under $2,000 and as I said she is socking away in 401k to add to the nest egg. I kind of expect that by age 65 we will have grown about $100,000.00 in her retirement savings. In mine I currently have $416,000.00. This I hope will increase by the time I am ready to tap into it. That time is up for debate still. Based upon the above income I should be able to not have to tap it for a time even up to my mandatory withdrawal date. Again up to debate.
Our plan here is to move from our current home to downsize and move to a more tax friendly and nicer weather area. Texas is high on the list, actually at the top and San Antonio for specific reasons. That move will require the sale of our property and business. As of now I cannot say for certain what I will realize in gains on the properties. The home we should probably get our purchase price and half will need to go to pay off mortgage. That I expect to be about $200,000.00 to us after sale and pay off. The Rental property should be a full price as I think we are close to paying off the mortgage. We have owned it a very long time. We should get just under full value for the house and since we paid investor price for the house that could net 100% gain or very close. I expect another $200,000.00 for that. Again property values are still in flux and we are still talking 6 years hence. The business is completely unknown. The property is in the center of the city. It has 10,000SF of useable building. It is set up for manufacturing but can be switched over to any number of businesses if someone wanted. In a guess I will probably get $100,000 from that sale.
I am not sure what others have posted here for their first one and introduction but that is the GolfingDuo in a nutshell. I know one of the first questions I have here is how can I help set up my nearly on her own daughter for her later years. I do not expect to use all of this in the next 40 years. The pensions are vested so that even if I pass away my wife continues to collect. The nest eggs are for the most part pre tax savings so we will be paying as we withdraw I am certain.
So if someone has ideas on how to best help my only offspring that would be a great start. Our retirement will be travel and golf and work (just to keep active) for a while.
